business recap year 10

Company TT concludes to invest into a new marketing campaign for an existing product rather than developing a new product.

Which choice is the opportunity cost?

• Developing a new product

• New marketing campaign

• Neither

A business only sells products or services

• True

• False

An Apple tablet (ipad) is an example of a:

• Product

• Service

Amazon prime is an example of:

• Goods

• Service

A hairdresser salon is an example of a:

• Service

• Product

What is capital in terms of business?

• Money and assets owned by a business

• Profit made by a business

• Trading

• Bank loan

It costs $0.10 cents to manufacture a pencil. The pencil is sold for $0.90 cents. What is the added value?

• $0.80

• $0.90

• $1.00

• $0.70

What is NOT a factor of production

• Capital

• Enterprise

• Labour

• Profit

This occurs where production is broken down into many separate tasks

• The division of labour

• Capital

• Specialisation

• Opportunity cost

In business, the process of concentrating on and becoming expert in a particular subject or skill is known as:

• Division of labour

• Specialisation

• Enterprise

• Opportunity cost